Ben Bernanke is at the Brookings Institution and Janet Yellen is in charge at the Fed. And, if Richmond Fed President Jeffrey Lacker is to be believed, it doesn’t matter at all.
That being said, Richmond Fed President Jeffrey Lacker still thinks it’s time for his misguided colleagues to do as he’s done: throw their hands up and just quit trying.
It was a banner day to hear the increasingly tired arguments for and against the Fed’s stimulus policies from the horses’ mouths in some of the U.S.’s more scenic locales. First, to Alabama, where Atlanta Fed President Dennis Lockhart said things were going great.
It takes a strong man to look at Ben Bernanke’s gentle, bearded face and tell him to piss off. Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, is just such a man.
Lacker’s used every opportunity to let Bernanke and his rotating cast of puppets that they’re wrong about the stimulus and that they’re imperiling what used to be the Fed’s only mission, controlling inflation. And he’s apparently doing so at substantial risk to his own standing, because while bickering, name-calling and kicking-and-screaming disagreement is all the rage every else in the District of Columbia, dissent does not go over well at the marble Politburo on Constitution Avenue NW.